Marketing strategy and marketing planning is a process. Each of these posts dives deep in one topic of the digital marketing funnel.
The complete lists of posts are here: Digital Marketing – The Marketing Funnel
“Putting the right product in the right place, at the right time, at the right price.”
The 4 P’s of Marketing
Your product and service is that thing which does a job to solves a specific problem. The customer exchanges money to do their job. So it has a price. Your product/service is available; therefore, it has a Place. In order for people learn of your product/service you must Promote it.
Digging under the skin always revels deeper complexity perhaps not anticipated before. The 4P’s of Marketing do go deeper.
1) Product / Service
The Product is that thing which you exchanged for money. Software, groceries, tax planning, taxi ride, water, and education are products and services.
Products can be tangible or intangible or combination.
The Place ‘P’ refers to the where the product/service is available. Either on-line, off-line or both.
Place answers the how will the product be sold. In a physical shop, online, through distributors or strategic partners. It is also useful to investigate how your competitors are selling their products — and this can inform on what the market expects.
The Price ‘P’ is the ‘what price should we charge’ for the product.
Not every person will be happy paying for your product. But, you are not trying to please every person are you?
Your market research will give a good idea on the price of existing or similar product/service.
Pricing a product is a massive subject by itself. Ask and answer is your target market price sensitive or insensitive? Will you offer special pricing for volume pricing? Or different pricing for repeat customers?
The perceived value (and positioning) of your product is a larger contribution to success compared to all other factors. Therefore, how you position your product, the branding, the surrounding advertising, packaging, testimonials, and the look and feel are critical to your success.
And these factors affects the value.
Promotion ‘P’ is the field that includes audience building, lead generation, lead nurturing, and sales.
- The role of PR to get people aware of your business and get them to the ‘front door’
- The role of Marketing is to get people to walk in the door and convert into leads
- Sales is to get people to walk up to the register and buy something
Digital Marketing Mix – The 4 P’s of Marketing
Product, price, placement, promotion. The 4 P’s. The classic marketing mix.
The four Ps of marketing were ‘invented’ in the ‘60, by Jerome McCarthy. They the idea was advanced by Philip Kotler in his book Principles of Marketing in 1967. But:
Changed in business have happened since the ’60 and the original 4P’s have been added and rethought. We have the 4P’s, 5P’s, 4C’s, 7P’s, and 7S’s.
- The original 4P’s were product focused.
- The 5th P added people or personal to the 4P’s
- The 7P’s are product focused
- The 4C’s are customer focused
- The 7C’s are customer focused
ReMix the Marketing Mix: From 4P’s to 7C’s
This is a conversion map from the P’s to the C’s
- Product: Customer Choice
- Place: Convenience
- Price: Cost (to the customer)
- Promotion: Communication
- People: Consideration
- Process: Consistency
- Physical Evidence: Circumstances
Digital Marketing A walk through of the 4 P’s of Marketing
Have I forgotten any P’s? Let me know in the comments